what seems to have been designed as a debate. Nor have I, in recent
years, read much Socialistic or anti-Socialistic literature of which the
world is full. From my point of view, as will presently be seen, perusal
of this literature would be a waste of time for none of it that I have
seen or heard of discusses what seems to me essential, but in saying
this I must not be understood as disparaging either the sincerity or the
ability of writers on this subject.

When I was more or less familiar with Socialistic controversy the
Socialistic propaganda was devoted in different countries to the
accomplishment of the immediate program which in the respective
countries was considered the essential thing to be done next, very
little being said about the ultimate end which it was hoped to reach in
due time. Thus it happened that in some countries what was called the
Socialistic agitation was directed to the accomplishment of what was
already established by non-Socialists in other countries. That is
doubtless so still. Those discussions do not interest me and I have not
followed them and shall not discuss any of them here. I shall consider
only the ultimate aims of theoretical Socialism and whether if
accomplished they probably would or would not make for the general
welfare and especially for the welfare of the least efficient.

The ultimate aim of Socialism is the nationalization of all land,
industry, transportation, distribution and finance and their collective
administration for the common good as a governmental function and under
a popular government. It involves the abolition of private profit, rent
and interest and especially excludes the possibility of private profit
by increase of values resulting from increase or concentration of
population. The majority of Socialists would reach this end gradually,
by successive steps, and with compensation to existing owners. A violent